Beddow v. Huston

Citations

• 65 Wash. 585
• 118 P. 752
• 1911 Wash. LEXIS 977

Syllabus

<p>■ Corporations — Insolvency—Stock Subscriptions — Payment in Overvalued Property — Enforcement—Action by Receiver — -Fraud— Complaint — Sufficiency.- A complaint by a receiver of an insolvent corporation having liabilities of about $4,000, against a stockholder to recover $240,000 due on his subscription, by reason of the fact that he had attempted to pay for the same in property taken at an overvaluation, does not state a cause of action, where it merely alleges that the court directed the receiver to proceed against him as one of the stockholders, without any notice having been given to stockholders or any determination of the amount necessary to be paid by each stockholder, the court having no power to single out a single stockholder; and where it fails to allege that the creditors of the corporation had no knowledge that the stock was paid for in property of less value than the face value of stock and were misled in that connection.</p>